Whenever the council receives a certified initiative or referendum petition from the City Clerk, it shall proceed at once to consider such petition. A proposed initiative ordinance shall be read and provision shall be made for a public hearing upon the proposed ordinance. The council shall take final action on the ordinance not later than sixty days after the date on which such ordinance was submitted to the council by the City Clerk. A referred ordinance shall be reconsidered by the council and its final vote upon such reconsideration shall be upon the question, “Shall the ordinance specified in the referendum petition be repealed?”